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Explanatory Notes BANK OF ENGLAND AND FINANCIAL SERVICES BILL [HL] EXPLANATORY NOTES What these notes do These Explanatory Notes relate to the Bank of England and Financial Services Bill [HL] as brought from the House of Lords on 19 January 2016 (Bill 120). • These Explanatory Notes have been prepared by the Treasury in order to assist the reader of the Bill and to help inform debate on it. They do not form part of the Bill and have not been endorsed by Parliament. • These Explanatory Notes explain what each part of the Bill will mean in practice; provide background information on the development of policy; and provide additional information on how the Bill will affect existing legislation in this area. • These Explanatory Notes might best be read alongside the Bill. They are not, and are not intended to be, a comprehensive description of the Bill. So where a provision of the Bill does not seem to require any explanation or comment, the Notes simply say in relation to it that the provision is self‐explanatory. Bill 120–EN 56/1 Table of Contents Subject Page of these Notes Overview of the Bill 3 Policy background 4 Legal background 6 Territorial extent and application 7 Commentary on provisions of Bill 9 Part 1: The Bank of England 9 Clause 1: Membership of court of directors 9 Clause 2: Term of office of non‐executive directors 9 Clause 3: Abolition of Oversight Committee 9 Clause 4: Functions of non‐executive directors 9 Clause 5: Financial stability strategy 9 Clause 6: Financial Policy Committee: status and membership 10 Clause 7: Monetary Policy Committee: membership 10 Clause 8: Monetary Policy Committee: procedure 10 Clause 9: Audit 10 Clause 10: Activities indemnified by Treasury 11 Clause 11: Examinations and reviews 11 Clause 12: Bank to act as Prudential Regulation Authority 12 Clause 13: Prudential Regulation Committee 12 Clause 14: Accounts relating to Bank's functions as Prudential Regulation Authority 13 Clause 15: Transfer of property etc to Bank 13 Clause 16: Amendments relating to Part 1 13 Clause 17: Saving and transitional provision relating to Part 1 17 Part 2: Financial Services 18 Clause 18: Financial Conduct Authority 18 Clause 19: Diversity 18 Clause 20: Extension of relevant authorised persons regime to all authorised persons 18 Clause 21: Rules about controlled functions: power to make transitional provision 18 Clause 22: Administration of senior managers regime 18 Clause 23: Rules of conduct 19 Clause 24: Misconduct 19 Clause 25: Decisions causing a financial institution to fail: meaning of insolvency 19 Clause 26: Enforceability of agreements relating to credit 19 Clause 27: Enforceability of credit agreements made through unauthorised persons 20 Clause 28: Transformer Vehicles 20 Clause 29: Pensions guidance 20 Clause 30: Advice about transferring or otherwise dealing with annuity payments 20 Clause 31: Independent advice on conversions and transfers of pension benefits: appointed representatives 21 Clause 32: Duty of Bank to provide information to Treasury 21 Clause 33: Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001 21 Part 3: Miscellaneous and General 22 Clause 34: Banks authorised to issue banknotes in Scotland and Northern Ireland 22 These Explanatory Notes relate to the Bank of England and Financial Services Bill [HL] as brought from the House of Lords on 19 January 2016 (Bill 120) 1 Clause 35: Consequential provision 22 Clause 36: Extent 22 Clause 37: Commencement 22 Clause 38: Short title 22 Commencement 23 Financial implications of the Bill 23 Parliamentary approval for financial costs or for charges imposed 24 Compatibility with the European Convention on Human Rights 24 Related documents 25 Annex A ‐ Glossary 27 Annex B ‐ Territorial extent and application 28 These Explanatory Notes relate to the Bank of England and Financial Services Bill [HL] as brought from the House of Lords on 19 January 2016 (Bill 120) 2 Overview of the Bill 1 The Bank of England and Financial Services Bill is intended to amend governance and accountability arrangements at the Bank of England (“the Bank”), make provision in relation to the Prudential Regulation Authority (“PRA”) and the Financial Conduct Authority (“FCA”), expand the scope of and make changes to the Senior Managers and Certification Regime, make provision for the enforceability of credit agreements, give the Treasury power to make regulations in relation to transformer vehicles, permit the extension of the Governmentʹs Pension Wise service, make provision about the Bank sharing information with the Treasury about resolution planning, and allow for some flexibility to change which legal entities are authorised to issue commercial banknotes in Scotland and Northern Ireland. 2 Part 1 of the Bill makes provision in relation to the governance of the Bank. It makes the Deputy Governor for markets and banking a member of the court of directors, the Monetary Policy Committee (“MPC”), the Financial Policy Committee (“FPC”), and the new Prudential Regulation Committee (“PRC”), and gives the Government power to make further changes to the membership of the court of directors by secondary legislation. It gives the Bankʹs oversight functions to the court of directors and makes the FPC a committee of the Bank, rather than a sub‐committee of the court. It reduces the required number of annual MPC meetings and provides for faster publication of minutes relating to those meetings. 3 Part 1 also gives the Comptroller and Auditor General power to carry out examinations of the economy, efficiency and effectiveness with which the Bank uses its resources (ʺvalue for moneyʺ examinations) and gives the Treasury power to carry out value for money reviews of the prudential regulation functions of the Bank. 4 Part 1 ends the status of the PRA as a subsidiary of the Bank, instead providing that the PRA is the Bank of England and creating a new Bank committee to be known as the Prudential Regulation Committee, with responsibility for the Bankʹs functions as the PRA. 5 Part 2 gives the Treasury power to make recommendations to the FCA, and amends the regulatory principles which apply to the FCA and the PRA. It also extends the Senior Managers and Certification Regime to all firms which are authorised to provide financial services under the Financial Services and Markets Act 2000 (“FSMA”), and amends the definition of ʺmisconductʺ applicable to senior managers so that, where there has been a regulatory contravention in an area for which they are responsible, senior managers no longer have to prove that they have taken reasonable steps to prevent that contravention to avoid being found guilty of misconduct. It will be necessary for the regulators to prove that a senior manager has not taken such steps before they can bring disciplinary proceedings against a senior manager on this ground. 6 Part 2 also clarifies the circumstances in which agreements relating to credit are enforceable and amends the circumstances in which credit agreements made through unauthorised persons are unenforceable, and gives the Treasury power to make regulations relating to transformer vehicles, which are used in transactions related to insurance linked securities. 7 Part 2 also extends the remit of the Governmentʹs Pension Wise service to holders of annuities specified by the Treasury so that it can deliver guidance to pensioners who will be eligible to sell their annuity income stream in 2017, and requires the FCA to make rules ensuring that those wishing to transfer a right to payments under an annuity have received appropriate advice before doing so where the annuity in question falls within a class specified in regulations made by the Treasury. In addition, the Bill ensures that appointed representatives of authorised persons may give advice satisfying the requirements of the Pension Schemes Act 2015 as to the advice which people must have received before they can convert and transfer These Explanatory Notes relate to the Bank of England and Financial Services Bill [HL] as brought from the House of Lords on 19 January 2016 (Bill 120) 3 safeguarded benefits. Currently only firms which are authorised persons under FSMA in their own right may give such advice. 8 Part 2 imposes a duty on the Bank to provide information to the Treasury when firms’ resolution strategies are developed or updated. It also gives the Treasury a power to request specified information supporting the Bank’s assessment of public funds risks associated with the failure of a firm. 9 Part 3 gives the Treasury power to make regulations (with the consent of the Bank) which authorise a bank in the same group as an existing issuer to issue commercial banknotes in Scotland or Northern Ireland instead of the existing issuer. Policy background 10 The Financial Services Act 2012 (“the 2012 Act”) replaced the ‘tripartite’ system of financial regulation with a new system that put the Bank at the centre of the system, giving it a number of new responsibilities and powers. The 2012 Act gave the Bank responsibility for macro‐ prudential regulation through the establishment of the FPC. It also gave the FPC a key role in safeguarding the UK’s financial stability by identifying, monitoring, and taking action to address systemic risks to the UK financial system. The 2012 Act also established the PRA as a subsidiary of the Bank. The PRA has specific responsibility for ensuring effective micro‐ prudential regulation of all deposit takers, insurers, and large investment firms. 11 The Bill seeks to simplify further and strengthen the governance of the Bank and the PRA, and to increase the transparency and accountability of the Bank. 12 The Bank’s governance model is determined by statute. The governing body, the court of directors (ʺthe courtʺ), is responsible for managing the affairs of the Bank, other than the formulation of monetary policy, and is accountable for the Bank’s performance in relation to its objectives.
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